chapter 9 - Chapter 9 Employee benefits indirect financial...

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Chapter 9 Employee benefits : indirect financial payments given to employees. They may include supplementary health and life insurance, vacation, pension plans, education plans, and discounts on company products Three mandatory benefits (CPP/QPP, EI premiums, and workers’ compensation) Benefits as a percentage of payroll are approximately 37% Government-mandated benefits Employee insurance : a federal program intended to provide temporary financial assistance to eligible persons who experience interruption to their work through no fault of their own and must be actively seeking work Supplemental unemployment benefit : an agreement between an employer and the employees for a plan that enables employees who are eligible for EI benefits to receive additional benefits from a SUB fund created by the employer Pay on termination of employment o Reasonable advance notice period ( pay in lieu of reasonable notice ): a lump sum equal to an employee’s pay for the notice period provided to employees who cease working immediately o Severance pay: an additional payout on top of the minimum notice period requirements and applies only if the specific conditions in the applicable jurisdiction are met o Pay for mass layoffs: additional pay is required when there is a layoff with 50 or more employees Leaves of absence o Bereavement leave: leave on the death of a family member Canada/Quebec Pension Plan (C/QPP) o C/QPP
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